Gulf Finance House to invest $3bn in Tunisia

Gulf Finance House has announced plans to set up the Tunis Financial Harbour (TFH) at Tunis Bay in North Africa, with an estimated development value of $3 billion (Dh11bn).

TFH marks the entry of Gulf Finance House and its clients into Tunisia, as it positions itself as one of the largest foreign investors in the country.

To be located in the Raoued North and 25 minutes from the Tunis Carthage airport, TFH was formally unveiled to Zine El Abidine Ben Ali, President of Tunisia in a ceremony held at presidential place .

A Memorandum of Understanding between Gulf Finance House and the Government of Tunisia was signed earlier this year.

A member country of the World Trade Organisation, Tunisia has been ranked as the most competitive country in North Africa by the World Economic Forum in the 2007 edition of its Global Competitiveness Report.

Esam Janahi, chairman of Gulf Finance House, said: “The Tunisian economy has been constantly outperforming the African average, with the country’s per capita GDP being amongst the highest in Africa, driven by foreign direct investment. This growth along with progressive and proactive government has made Tunisia a very attractive investment destination for us. We thank the Tunisian Government for its support.

“The country could benefit from developing its offshore financial services industry and creating a world-class international financial centre for North Africa.

“Tunis Financial Harbour has been created by some of the world’s leading financial services strategists and utilises a business cluster model. We are confident that TFH will make a significant contribution to the Tunisian economy in the long term, and will be seen as a strategic component of Tunisia’s economic infrastructure, said Janahi.

Elaborating on GFH’s involvement in the project and its planned components, Peter Panayiotou, Acting CEO of GFH, said: “We are focused on expanding its horizons globally with a particular focus on emerging economies with strong growth potential.

“Simultaneously, the Bank is also focused on consolidating its position in the wider Middle East and North Africa region by tapping into specific opportunities, with the Tunis Financial Harbour project being the latest venture,” Panayiotou said.